Money Transfer Tips for New Immigrants

Building a life in a new country is full of adventure, excitement, and potential, but it may seem overwhelming at first, especially when it comes to sending your money back home. As a new immigrant to the United States, it’s not long before you have to start thinking about your options for transferring money abroad. The important thing to remember is that you do have options, and you don’t have to pay huge amounts of fees to send money back home.

An important part of managing your money in a new country is making sure you are saving money – and that means getting the best exchange rate for money transfer. As you’re settling into life in the US, it’s easy to fall into scams or end up overpaying for certain services, especially when it comes to the remittance corridor. Money transfer options like your credit card or bank may seem like reliable and convenient resources when you don’t have the time to research better alternatives, but don’t make these your go-to options for sending money home.

Many banks and other money transfer providers claim that they do international transfers for free. Indeed, they may not be charging you upfront fees, but when you compare the amount of money you expect to arrive or the amount of money that actually arrives when you transfer with most services, you may often be surprised to see a big difference. Why? These services hide fees in the exchange rates that they use. Giving you a rate that’s not as good as the real, mid-market rate (that’s the one you see on Google) means that these providers can take a cut for themselves. These hidden fees are common and they’re not fair. They can also mean that you’ll lose hundreds if not thousands of dollars a year if you’re sending money abroad frequently.

To avoid such situations and losing your hard-earned money to hidden fees, all you have to know is a few international money transfer tips that will help you find the best exchange rate – and save money – every time you send money abroad.

Some of our best tips for new immigrants sending money abroad:

Keep an eye on exchange rates. Exchange rates are constantly fluctuating, meaning that the rate could drop or soar in a short period of time.

Pay attention to fees. Transfer fees may not be the only fees required to send money abroad. Look out for miscellaneous service charges or possible receiving fees.

Know about transfer limits. Transfer fees may vary depending on the amount of money you are sending.

You don’t have to pay more to transfer money abroad while you’re adjusting to your new life in the United States; all you have to do is be smart about your money. Compare your options to find the best exchange rate, so you get the most out of your money when transferring abroad.

Contributed by:

TransferWise is one of the leading and reputed online remittance companies that focuses on providing affordable money transfer solutions at the best exchange rate for new immigrants to send money home. TransferWise can help you can save up to 89% compared to your bank. TransferWise always uses the mid-market exchange rate, and charges the lowest possible fee. Read More...

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